Payment devices such as credit cards, debit cards, smart cards, mobile phones, etc. have growing in popularity due to the convenience and security they offer over other payment methods such as cash and checks, which are more susceptible to fraud than the payment devices. However, with the growing popularity of these payment devices, especially in the developing countries, criminals are increasingly finding ways to compromise the security offered by the payment devices.
As criminals get more sophisticated, they are increasingly able to “steal” payment device related information such as account numbers and PIN's and then use this information to create fake payment devices. For example, in the United States, credit card related fraud is estimated to be in tens of millions of dollars every year.
Thus, there is a need in the industry to develop more robust identification and authentication techniques to minimize or prevent such fraud.